The OfBusiness IPO is back on. The SoftBank-backed business-to-business commerce platform is working on an issue of $600 to $800 million, roughly ₹5,200 to ₹7,000 crore. Its draft prospectus is due with SEBI by November 2026 and the listing is targeted for March or April 2027, according to a Business Standard report of 4 October.
The structure is the part worth reading twice. About 70 per cent of the offer would be an offer for sale. That share of the money goes to investors who are selling, not to the company.
What the issue would look like
None of this is confirmed yet. The figures below come from reports, not from a filing, because no filing exists so far.
| Item | Reported |
|---|---|
| Total issue | $600 to $800 million (about ₹5,200 to ₹7,000 crore) |
| Fresh issue | About 30 per cent, up to $260 million (about ₹2,100 crore) |
| Offer for sale | About 70 per cent, up to $540 million (about ₹4,600 crore) |
| Valuation | $4.4 to $5 billion as per Business Standard; $5 to $6 billion as per other reports |
| DRHP | Expected by mid-November 2026 |
| Listing | Targeted for March or April 2027, on the BSE and NSE |
| Bankers | Morgan Stanley, JPMorgan, Citibank, Axis Capital |
At about ₹7,000 crore at the top end, this would be the fifth largest of the 19 IPO plans and draft filings our pre-IPO tracker has followed in 2026. For a company with no IPO page yet, that is where you watch it: our upcoming mainboard IPO list picks a company up from the day its draft papers reach SEBI.
Fresh issue and offer for sale, in plain words
A fresh issue creates new shares and the money reaches the company's own bank account. An offer for sale is existing shareholders selling what they already hold, so the cash goes to them. OfBusiness has raised about ₹5,000 crore across its funding rounds from SoftBank Vision Fund, Tiger Global, Alpha Wave Global and Matrix Partners, among others. A 70 per cent offer for sale is how some of those holdings turn into cash.
The company was founded about ten years ago by Asish Mohapatra and Ruchi Kalra with two other partners. It converted from OFB Tech Private Limited into a public limited company in December 2024, as per the Inc42 report. That conversion is the paperwork step a company takes before it can list.
What the company does
OfBusiness runs four B2B commerce verticals: metals, apparel, chemicals and food processing. It connects small supplier businesses with buyers that range from SMEs with ₹50 crore to ₹500 crore of revenue up to large Indian and global companies.
It also makes a good share of what it sells. Across verticals it manufactures, processes or packages about 40 per cent of its products in its own factories. That rises to about 80 per cent in apparel and 70 per cent in food processing. It has put more than ₹3,000 crore into 17 or more wholly owned manufacturing and packaging subsidiaries, and in apparel it assembles for buyers such as Uniqlo, H&M, Ikea, Zara and Adidas.
Its lending arm, in which OfBusiness holds 70 per cent, stays outside the listed entity.
The numbers behind it
OfBusiness reported revenue of about ₹20,000 crore in FY2026 and profit before tax of ₹780 crore, and has been profitable since FY2018. Operating cash flow was ₹1,220 crore in FY2026. The company's own projection is revenue of ₹23,520 crore in FY2027. A projection is a target the company has set for itself, not a result, so treat it as that.
An earlier attempt was bigger. OfBusiness had planned an issue of $750 million to $1 billion at a valuation of $6 billion to $9 billion, and shelved it when markets turned. The revived plan asks for less money at a lower valuation, and even that valuation is reported two different ways.
What happens next
The draft red herring prospectus, the draft prospectus a company files with SEBI before an IPO, is expected by mid-November 2026. SEBI usually takes one to three months over a draft before it issues observations, which is its clearance. Only after that does a company fix its price band and dates, which is why the March to April 2027 listing window is a target and nothing more. Thirteen draft papers reached SEBI in the week to 3 October, as we covered in our filings roundup, and OfBusiness is not among them yet.
Until the DRHP is public, the issue size, the split and the valuation can all change. The first hard numbers will be in that document. We will carry them when it lands.
